Newsmax Inc (NYSE: NMAX) is a media company that operates cable news television networks, digital news platforms, and print publications. Revenue comes from four streams: advertising across broadcast, digital, and print channels (63.6% of FY2025 revenue), affiliate fees from cable distributors (16.2%), subscriptions including Newsmax+ (14.5%), and other sources (5.7%), totaling approximately $189.3 million for the year ended December 31, 2025. The company distributes its primary Newsmax channel to over 58 million paid homes across the U.S. as of 2025, competing directly with Fox News, CNN, MSNBC, and NewsNation in cable news. Newsmax operates three linear channels: Newsmax, Newsmax2 (a dedicated FAST channel), and World at War. Affiliate fee revenue was a new stream that began in 2024. The company carries an accumulated deficit and has historically operated at a net loss.

Revenue model

Advertising sales across cable television, digital, email, and print (63.6% of FY2025 revenue); affiliate fees from cable and MVPD distributors (16.2%); subscriptions for Newsmax+ and print publications (14.5%); other revenue (5.7%). Total FY2025 revenue was approximately $189.3 million.

Products and services

Newsmax (cable news channel), Newsmax2 (24/7 FAST and OTT channel), World at War (linear channel), Newsmax+ (streaming subscription service), Newsmax digital properties and website, email database advertising, magazine and print publications.

Customers and end markets

Primary customers are advertising agencies and direct advertisers purchasing time or space across broadcast, digital, and print formats. Cable and MVPD distributors pay affiliate fees for carriage rights. Consumers subscribe to Newsmax+ and print publications. End markets are news audiences on linear pay-TV, FAST platforms, OTT streaming, and digital.

Value-chain role

Content producer and distributor. Newsmax creates news programming and distributes it through cable MVPDs, FAST platforms, OTT services, digital properties, and print. It licenses content to distributors and sells advertising inventory directly and through agencies.

Geographic exposure

Primarily United States, with stated goals to develop international markets per the FY2025 10-K filing.

Competitors

Fox News, CNN, HLN, MSNBC, NewsNation, Foxnews.com, CNN.com, Politico.com, WashingtonExaminer.com, NBCNews.com, NYTimes.com, CNBC.com, Bloomberg.com, The Wall Street Journal Online

Source: SEC 10-K, filed 2026-03-26

Industry: Television Broadcasting Stations